Bill No. 684 amends the Oklahoma Parental Choice Tax Credit Act to enhance the income tax credit for taxpayers covering qualified educational expenses for eligible students. The bill introduces a revised definition of "accrediting association," aligning it with the accreditation standards set by the State Board of Education. It also modifies the annual credit limit by allowing the carryover of unused credits from previous years and establishes a verification process for claims through the Department of Human Services and the Oklahoma Health Care Authority. The application period for credits is adjusted to prioritize taxpayers who have previously received credits, and specific credit amounts are outlined based on taxpayer income and the type of educational institution attended.

Additionally, the bill allows the Oklahoma Tax Commission to reallocate unused credits to the next eligible taxpayer if a participant opts out or becomes ineligible, with a deadline for this decision set for September 1 of the application year. It mandates timely notification of approval status to applicants and requires participating private schools to submit enrollment and tuition information electronically by June 15 each year, with penalties for non-compliance. The act clarifies that tax credits received will not be considered taxable income and is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.